Colorado residents entering the estate planning process may wonder how they should choose an executor. An executor is the person who will carry out the instructions and wishes of the deceased, and he or she is usually chosen upon completion of a will. Deciding who will take on this important task can be difficult, but there are a few tips that might make it easier.
Estate planning mistakes to avoid after divorce
According to UBS Global Wealth Management, 56 percent of married women leave financial decisions to their spouses. Therefore, women in Colorado and throughout the country who get divorced may find managing their money to be a difficult task. When ending a marriage, it is important to take an objective look at both short and long-term financial needs. This may include reviewing a will and making sure that a spouse is no longer listed as a beneficiary.
Long-term care involves careful planning
While it is understandable to want to remain in your home as long as possible, according to some researchers, most people will need some form of long-term care as they age. Planning for this costly contingency can be challenging, and you may already be noticing signs that your parent will need care you cannot provide in the home.
Estate planning for education
Many people use an estate plan to set aside assets to fund an education for their descendants. Colorado residents can start planning for their loved ones' education by completing certain legal documents.
